The George Town CBD is the
central business district
A central business district (CBD) is the commercial and business centre of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city ...
within
George Town, the capital city of the state of
Penang
Penang ( ms, Pulau Pinang, is a Malaysian state located on the northwest coast of Peninsular Malaysia, by the Malacca Strait. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay ...
in
Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
. As the term implies, the CBD contains the highest concentration of financial and banking services within
George Town, serving as the city's financial heart.
Traditionally,
Beach Street has been regarded as the
central business district
A central business district (CBD) is the commercial and business centre of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city ...
of
George Town. One of the first streets to be created in
Penang
Penang ( ms, Pulau Pinang, is a Malaysian state located on the northwest coast of Peninsular Malaysia, by the Malacca Strait. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay ...
,
Beach Street was where several international banks built their branches in the late 19th century. To this day, many of the banks remain along the street. In addition, within the vicinity of
Beach Street, governmental buildings were constructed, making the area the administrative centre of
Penang
Penang ( ms, Pulau Pinang, is a Malaysian state located on the northwest coast of Peninsular Malaysia, by the Malacca Strait. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay ...
for much of the
state's history.
In recent decades, various banking, financial and auditing services have been concentrated at
Northam Road as well, turning the road into
George Town's second CBD.
The adjoining
Gurney Drive
Gurney Drive (,, ) is a popular seafront promenade within George Town, Penang, Malaysia. The road is also famous for the street cuisine at the seafront's hawker centre and has been listed as one of the 25 best streets worldwide to visit by the A ...
, with a high concentration of skyscrapers, also forms part of the city's newer CBD.
Historic CBD: Beach Street
Historically, this district coincides with the particular area that was first explored and developed by Captain
Francis Light
Captain Francis Light ( – 21 October 1794) was a British explorer and the founder of the British colony of Penang (in modern-day Malaysia) and its capital city of George Town in 1786. Light and his lifelong partner, Martina Rozells, were th ...
after his founding of
Penang
Penang ( ms, Pulau Pinang, is a Malaysian state located on the northwest coast of Peninsular Malaysia, by the Malacca Strait. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay ...
in 1786. It is centred at
Beach Street and
Light Street
Maryland Route 2 (MD 2) is the longest state highway in the U.S. state of Maryland. The route runs from Solomons Island in Calvert County north to an intersection with U.S. Route 1 (US 1)/ US 40 Truck ( North Avenue) in Baltimore. The route ...
, which are among the first streets to be created on
Penang Island
Penang Island ( ms, Pulau Pinang; zh, 檳榔嶼; ta, பினாங்கு தீவு) is part of the state of Penang, on the west coast of Peninsular Malaysia. It was named Prince of Wales Island when it was occupied by the British Ea ...
. It is loosely bounded by
Pitt Street
Pitt Street is a major street in the Sydney central business district in New South Wales, Australia. The street runs through the entire city centre from Circular Quay in the north to Waterloo, although today's street is in two disjointed sec ...
(now ''Jalan Masjid Kapitan Keling'') to the west,
Chulia Street to the south and
Weld Quay along the city's eastern shore.
The CBD therefore covers the several international banks along
Beach Street, such as
Standard Chartered Bank
Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around ...
,
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
,
Oversea-Chinese Banking Corporation
Oversea-Chinese Banking Corporation, Limited (), often known as OCBC Bank (), is a Singaporean multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression thr ...
,
United Overseas Bank
United Overseas Bank Limited (), often known as UOB, is a Singaporean multinational banking corporation headquartered in Singapore, with branches mostly found in most Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by S ...
and
Bank of China
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...
, as well as administrative buildings like the
City Hall
In local government, a city hall, town hall, civic centre (in the UK or Australia), guildhall, or a municipal building (in the Philippines), is the chief administrative building of a city, town, or other municipality. It usually houses ...
and the
State Assembly Building, in a manner similar to the
Civic District
The Civic District is a district located near the Singapore River in the Central Area of Singapore.
It contains historical buildings and museums such as The Arts House (the former Parliament House), National Gallery Singapore (consisting of the ...
within
downtown
''Downtown'' is a term primarily used in North America by English speakers to refer to a city's sometimes commercial, cultural and often the historical, political and geographic heart. It is often synonymous with its central business distric ...
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
. The
City Hall
In local government, a city hall, town hall, civic centre (in the UK or Australia), guildhall, or a municipal building (in the Philippines), is the chief administrative building of a city, town, or other municipality. It usually houses ...
, built in 1903, houses the head office of the
Penang Island City Council
The City Council of Penang Island is the council that administers the city of Pulau Pinang, which includes the entirety of Penang Island, Malaysia. The city council, which has jurisdiction over an area of , falls under the purview of the Penang s ...
, while the
State Assembly Building is the meeting place of the
Penang State Legislative Assembly
The Penang State Legislative Assembly is the legislature of the Malaysian state of Penang. It is a unicameral institution, consisting of a total of 40 elected lawmakers representing single-member constituencies throughout Penang. The state legis ...
.
Due to the numerous Malaysian and international banks that operate within the CBD,
George Town serves as the commercial centre for northern
Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
.
In addition, the CBD serves as a transportation hub within
George Town. The city is linked with the
Malay Peninsula
The Malay Peninsula (Malay: ''Semenanjung Tanah Melayu'') is a peninsula in Mainland Southeast Asia. The landmass runs approximately north–south, and at its terminus, it is the southernmost point of the Asian continental mainland. The area ...
via
Rapid Ferry
The Penang Ferry Service is the oldest ferry service within the State of Penang, Malaysia, connecting the city of George Town on Penang Island and Butterworth on the mainland. This cross-strait transit has been operational since 1894, making ...
, with its
Ferry Terminal at Weld Quay. Right next to the Ferry Terminal is a
Rapid Penang
Rapid Penang (styled as ''rapidPenang'') is a public bus brand in the State of Penang, Malaysia. Formed as a subsidiary of Prasarana Malaysia in 2007, to date it is the main public transport operator within Penang; its bus network serves commut ...
bus terminal, where most bus routes within
Penang Island
Penang Island ( ms, Pulau Pinang; zh, 檳榔嶼; ta, பினாங்கு தீவு) is part of the state of Penang, on the west coast of Peninsular Malaysia. It was named Prince of Wales Island when it was occupied by the British Ea ...
begin and terminate.
New CBD: Northam/
Gurney
A stretcher, gurney, litter, or pram is an apparatus used for moving patients who require medical care. A basic type (cot or litter) must be carried by two or more people. A wheeled stretcher (known as a gurney, trolley, bed or cart) is often ...
In the 1990s, as
George Town's banks began reassessing their spatial requirements to accommodate greater business volumes, a number of commercial developments commenced along
Northam Road.
The commercial skyscrapers along
Northam Road quickly attracted various banking, auditing and other financial services, as the newer buildings offer more space and amenities that the colonial-era buildings at
Beach Street lacked. By the early 2000s,
Northam Road emerged the city's second CBD.
In addition,
Gurney Drive
Gurney Drive (,, ) is a popular seafront promenade within George Town, Penang, Malaysia. The road is also famous for the street cuisine at the seafront's hawker centre and has been listed as one of the 25 best streets worldwide to visit by the A ...
, which adjoins
Northam Road and also has a high concentration of skyscrapers, is now considered as part of
George Town's newer CBD.
Plans have been drawn up to attract financial services to the popular seafront promenade, which already functions as one of the more prominent shopping streets in
Penang
Penang ( ms, Pulau Pinang, is a Malaysian state located on the northwest coast of Peninsular Malaysia, by the Malacca Strait. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay ...
. In 2016, the
Gurney Wharf
Gurney Wharf is a planned seafront park, with land for this purpose currently being reclaimed off Gurney Drive in George Town, Penang. Intended as a "''new iconic waterfront destination for Penang''", Phase 1 of Gurney Wharf is scheduled for compl ...
project, which aims to create a seaside recreational park along
Gurney Drive
Gurney Drive (,, ) is a popular seafront promenade within George Town, Penang, Malaysia. The road is also famous for the street cuisine at the seafront's hawker centre and has been listed as one of the 25 best streets worldwide to visit by the A ...
, was launched, with land reclamation ongoing off the shoreline.
The accumulation of financial services along
Northam Road and
Gurney Drive
Gurney Drive (,, ) is a popular seafront promenade within George Town, Penang, Malaysia. The road is also famous for the street cuisine at the seafront's hawker centre and has been listed as one of the 25 best streets worldwide to visit by the A ...
is partly fueled by the inscription of the city centre as a
UNESCO
The United Nations Educational, Scientific and Cultural Organization is a specialized agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture. It ...
World Heritage Site
A World Heritage Site is a landmark or area with legal protection by an international convention administered by the United Nations Educational, Scientific and Cultural Organization (UNESCO). World Heritage Sites are designated by UNESCO for h ...
since 2008. The new
UNESCO
The United Nations Educational, Scientific and Cultural Organization is a specialized agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture. It ...
rulings include a building restriction on construction works exceeding five storeys or 18 metres. As both
Northam Road and
Gurney Drive
Gurney Drive (,, ) is a popular seafront promenade within George Town, Penang, Malaysia. The road is also famous for the street cuisine at the seafront's hawker centre and has been listed as one of the 25 best streets worldwide to visit by the A ...
lie outside the
UNESCO
The United Nations Educational, Scientific and Cultural Organization is a specialized agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture. It ...
-protected site, commercial properties along these coastal roads are not impacted by the new building guidelines.
See also
*
George Town
*
Penang Island
Penang Island ( ms, Pulau Pinang; zh, 檳榔嶼; ta, பினாங்கு தீவு) is part of the state of Penang, on the west coast of Peninsular Malaysia. It was named Prince of Wales Island when it was occupied by the British Ea ...
*
Penang
Penang ( ms, Pulau Pinang, is a Malaysian state located on the northwest coast of Peninsular Malaysia, by the Malacca Strait. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay ...
*
Greater Penang Conurbation Greater Penang Conurbation is the built-up urban or metropolitan area within and around the state of Penang, Malaysia. The conurbation encompasses most of the state of Penang, which includes Penang Island and Seberang Perai, and parts of the neighbo ...
References
{{reflist, 30em
George Town, Penang
Central business districts